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A brilliant decision. Now if we could only get rid of our 1 euro cent here. According to some inflation figures I quickly found on the internet, a (US dollar)
by kmm 15y ago
A brilliant decision. Now if we could only get rid of our 1 euro cent here.
According to some inflation figures I quickly found on the internet, a (US dollar) penny had a hundred years ago 23 times as much buying power as a penny nowadays. That means the smallest denomination was then was worth almost as much as a quarter is now! People could get by without smaller coins then and they should be able to work perfectly fine now without worthless pennies.
- drostie 15y agoMove to the Netherlands. The one-euro-cent and two-euro-cent bits don't exist here unless you're doing a bank transaction; cash transactions get rounded to the nearest 5 cents.
- phillco 15y agoEven better: the US used to have a half-cent but they abolished it in 1857 due to its lack of value. With inflation, it's worth more than today's dime.
- alasano 15y agoSome would argue that your example is almost exactly as good as the other one given.
- schiffern 15y agoHis example features actual abolition of an existing coin, not just deciding "well, this ought to be granular enough" when designing money.
- deleted 15y ago[deleted]
- kamjam 15y agoFor a few years during the transition to decimalisation, the UK had a half penny also. http://en.wikipedia.org/wiki/Halfpenny_(British_decimal_coin) http://en.wikipedia.org/wiki/Halfpenny_(British_decimal_coin...
- insidius 15y agoThis would not fly in Germany. Change is always exact.
- huetsch 15y agoThis isn't all true: The US used mills (1/1000 of a dollar) up until the 1960's. http://en.wikipedia.org/wiki/Mill_(currency) http://en.wikipedia.org/wiki/Mill_(currency)